Dogecoin (DOGE) Down 5%, but Social Dominance Growing

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Dogecoin (DOGE) Down 5%, but Social Dominance Growing

Dog-themed cryptocurrency Dogecoin fell nearly 5% in the early Saturday session amid a market decline that resulted in $458 million in liquidations.

At the time of writing, Dogecoin was trading in red alongside the broader crypto market, down 3.63% in the last 24 hours to $0.1639. Dogecoin has steadily declined since reaching a high of $0.206 on June 11, just marking two days in green out of 10. The drop hit a low of $0.1584 in Fridays session where Dogecoin found support.

Amid the recent drop, Dogecoin is drawing attention on social media, ranking among trending coins on Friday.

According to an X post by Santiment, coins that are driving markets and drawing the most social media attention include Dogecoin, which is being discussed about its unlimited supply and community-driven influence.

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Dogecoin conversations center on its price volatility, mining profitability and comparisons with major cryptocurrencies, including Bitcoin and Ethereum. Users debate its market value, trading strategies and potential future price movements, including speculation about integration with platforms like Musks X.

Whats happening？

Elon Musk is moving X closer to becoming an “everything app,” with X CEO Linda Yaccarino saying on Tuesday that the platform might soon feature in-app investing and trading. Beyond trading, X will launch its long-awaited peer-to-peer payment system, X Money, which Musk announced in January, but there is no hint of crypto integration, including Dogecoin.

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In ETF-related news, top analysts believe that numerous cryptocurrency spot ETF applications, including Dogecoin, could be approved by the end of the year.

According to James Seyffart, an ETF analyst at Bloomberg, approvals might come next month or in the late fall, but the question is now “when not if.” Dogecoin approval odds were indicated to be 90% by the end of the year.